WASHINGTON — President Barack Obama is holding a hastily scheduled news conference this afternoon to take questions about the tax cut deal he’s struck with congressional Republicans.

It’s taking place in the White House press briefing room at 2:20 p.m., shortly after Vice President Joe Biden meets with Senate Democrats on Capitol Hill to discuss the compromise. The deal announced late Monday involves a two-year extension of Bush-era tax cuts for all income levels — breaking Obama’s campaign promise to let tax cuts for the rich expire.

The deal has drawn criticism from liberal Democrats and interest groups that Obama has caved to Republicans after GOP gains in November’s midterm elections.

By The Associated Press